Commentary by Jackson Zeng, COO Caleb & Brown
Bitcoin: USD $3,801(28Feb 2019 2:30pm) This week the price of Bitcoin pushed further up to $4200 before a sizeable correction back to the 50 day exponential moving average (EMA) at $3700.There are two main outcomes we۪re looking out for in the next few weeks.
- The first is the possibility of a long-term trend reversal, identifying $3200 as the bottom. In order for this to happen, we would need to see a significant increase in volume. In addition to this, we would also need repeated break outs and a few greater short term highs.
If the 50 day EMA, which previously acted as resistance, turns into a support for a sustained period of time, it may confirm this outcome.
- The other possibility is a short term moving average breakout before continuing down the bear trend. At this stage, I would not be confident in predicting a definitive bottom, as it is still too early to call.
The quick retracement when we broke into an overbought RSI and average volume hints at the latter holding true.
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Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.
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